Allegro MicroSystems, Inc. (NASDAQ:ALGM) Receives Average Recommendation of “Moderate Buy” from Brokerages

Allegro MicroSystems, Inc. (NASDAQ:ALGM) has earned an average rating of “Moderate Buy” from the eight research firms that are covering the company, Marketbeat reports. One analyst has rated the stock with a hold rating and seven have issued a buy rating on the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $37.44.

ALGM has been the subject of several research analyst reports. TD Cowen lifted their price objective on Allegro MicroSystems from $32.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, June 13th. Jefferies Financial Group began coverage on Allegro MicroSystems in a research note on Monday, May 13th. They issued a “buy” rating and a $37.00 target price for the company. Mizuho lowered their target price on Allegro MicroSystems from $45.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, May 10th. Barclays decreased their price objective on Allegro MicroSystems from $35.00 to $32.00 and set an “overweight” rating for the company in a research note on Friday, May 10th. Finally, Needham & Company LLC decreased their price objective on Allegro MicroSystems from $40.00 to $33.00 and set a “buy” rating for the company in a research note on Friday, May 10th.

Allegro MicroSystems Stock Performance

ALGM opened at $28.24 on Friday. Allegro MicroSystems has a 12-month low of $23.64 and a 12-month high of $53.05. The firm has a market capitalization of $5.47 billion, a P/E ratio of 36.21 and a beta of 1.70. The stock’s 50 day moving average price is $29.04 and its two-hundred day moving average price is $28.87. The company has a quick ratio of 3.48, a current ratio of 4.85 and a debt-to-equity ratio of 0.22.

Allegro MicroSystems (NASDAQ:ALGM) last announced its quarterly earnings data on Thursday, May 9th. The company reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.02. Allegro MicroSystems had a return on equity of 20.67% and a net margin of 14.55%. The company had revenue of $240.58 million for the quarter, compared to analyst estimates of $235.00 million. On average, equities analysts forecast that Allegro MicroSystems will post 0.23 earnings per share for the current year.

Insider Buying and Selling at Allegro MicroSystems

In other news, Director Richard R. Lury sold 8,500 shares of the stock in a transaction on Thursday, May 30th. The stock was sold at an average price of $30.00, for a total value of $255,000.00. Following the completion of the transaction, the director now directly owns 23,001 shares in the company, valued at approximately $690,030. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 9.70% of the company’s stock.

Institutional Trading of Allegro MicroSystems

Large investors have recently bought and sold shares of the business. 1832 Asset Management L.P. acquired a new stake in Allegro MicroSystems during the 4th quarter worth about $28,756,000. Vanguard Group Inc. boosted its stake in Allegro MicroSystems by 5.1% during the 3rd quarter. Vanguard Group Inc. now owns 7,361,938 shares of the company’s stock valued at $235,140,000 after purchasing an additional 355,814 shares during the last quarter. South Dakota Investment Council acquired a new position in Allegro MicroSystems during the 4th quarter valued at about $1,059,000. JPMorgan Chase & Co. boosted its stake in Allegro MicroSystems by 21.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 4,052,437 shares of the company’s stock valued at $129,435,000 after purchasing an additional 727,535 shares during the last quarter. Finally, Sei Investments Co. boosted its stake in Allegro MicroSystems by 42.5% during the 3rd quarter. Sei Investments Co. now owns 391,144 shares of the company’s stock valued at $12,494,000 after purchasing an additional 116,603 shares during the last quarter. 56.45% of the stock is currently owned by institutional investors and hedge funds.

About Allegro MicroSystems

Allegro MicroSystems, Inc, together with its subsidiaries, designs, develops, manufactures, and markets sensor integrated circuits (ICs) and application-specific analog power ICs for motion control and energy-efficient systems. Its products include magnetic sensor ICs, such as position, speed, and current sensor ICs; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.